The reason we have floating currencies today is to enable economic management via currency manipulation.
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As the value of the dollar erodes, other countries respond with their own currency manipulation.
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Currency manipulation is considered an economic crime because the old orthodoxy says currencies should float and the markets decide.
Currency markets are being fueled by QE and policy makers in the core economies are gradually shifting towards outright currency manipulation, says Dehn.
When I started at the Richmond Fed in August 1968, what they are now calling currency manipulation was the standard, accepted international monetary system.
In other words, currency manipulation was the law of the land.
He did not, for instance, have to come out against currency manipulation in late October when it was evident he would win by a large margin.
For U.S. policymakers to single out currency manipulation as a primary concern for remediation (as the Peterson paper does), the United States should have clean hands.
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" The recent consensus by finance ministers from the Group of 20 industrial and developing nations to refrain from currency manipulation, she said, was an "important signal.
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Germany is already not a willing partner in currency manipulation.
Conventional academic wisdom is that this period has been a wonderful example of how economic management via currency manipulation can solve the terrible problems of the bad old gold standard years.
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So the argument that currency manipulation is somehow more odious or problematic than these other interventions, which all spill over into the real economy, is not all that compelling, particularly when it may be symptomatic of, or responsive to, problems caused by the U.S. savings gap.
FORBES: Foreign 'Currency Manipulation' Does Not Warrant Washington's Attention
These developing countries often intervene in currency markets to prevent currency appreciation and its negative effects on their balance of trade resulting from currency depreciation and manipulation in other countries.
The broader policy goal is to create a currency of stable value, free of human manipulation.
All of these money manipulation techniques basically amount to forms of currency devaluation, even if that is not their overt goal.
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